Daily analysis of Silver for October 03, 2017

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Overview

Silver price continues to fluctuate around the key support $16.56. The metal is waiting to break this level to confirm a further bearish wave to the target level of $15.49 in the short term. Please note that the EMA50 is putting downward pressure on the price to encourage a further decline in the upcoming period. Therefore, the negative scenario remains valid as silver is trading without any change today. You should be aware that breaching $17.43 will stop the expected decline and lead the price to rise again. The expected trading range for today is between $16.40 support and $16.70 resistance.

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